Islamic Financial Services
From The Report: Saudi Arabia 2013
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For the past decade, Saudi Arabia has been at the forefront of development in the Islamic financial services (IFS) sector. The Kingdom, which is home to more than a quarter of the GCC’s Islamic financial assets and a handful of the world’s largest sharia-compliant financial institutions, is currently among the top IFS markets in the world. In 2011-12 the sector continued to expand, buoyed by strong economic fundamentals and the Kingdom’s growing reputation as a centre for innovation in IFS. Of course, the sector does face challenges, including the lack of a large, well-trained national financial workforce. However, the IFS industry as a whole is poised for substantial expansion for years to come. With GDP growth expected to top 6% in 2013, according to IMF forecasts, the government and private sector alike are bullish on growth for the foreseeable future.